CRUDE OIL

Oil slid for the first time in three days in New York on
speculation that its surge to the highest level in three months
yesterday may have been excessive.

West Texas Intermediate for February delivery dropped as
much as 63 cents to $92.49 a barrel in electronic trading on the
New York Mercantile Exchange and was at $92.71 at 4:31 p.m. in
Singapore. The contract yesterday climbed 1.4 percent to $93.12
a barrel, the highest settlement since Sept. 18. The volume was
30 percent below the 100-day average for the time of day.

Brent oil for February settlement on the London-based ICE
Futures Europe exchange fell as much as 67 cents, or 0.6
percent, to $111.80 a barrel. Prices advanced 3.5 percent in
2012, a fourth annual gain. The number of contracts changing
hands was 44 percent more than the 100-day average.

• Fuel Oil
• High-sulfur fuel oil’s discount to Dubai widens 20 cents to
$7.95/bbl, according to PVM
• HSFO swaps for Feb. rise $1.50 to $627.75/ton, the most since
Nov. 20. Traded at a discount of $2.50/ton to March contracts
• Viscosity spread unchanged at $8.75/ton for a third day

• Light Distillates
• Japan naphtha’s crack to Brent up $2.74 to $97.39/ton at 10:41
a.m., according to data compiled by Bloomberg
• Feb. naphtha swap down 50 cents to $941.50/ton, PVM data
shows. The price falls for a fourth day
• Gasoline reforming margin declined 64 cents to $16.46/bbl
yesterday, Bloomberg data show. It falls from the highest level
in five weeks

BASE METALS

Copper rose for a third day, pacing a rally in base metals,
as expansion in China’s services industries boosted optimism the
biggest consumer can sustain an economic rebound this year. Lead
jumped to a 16-month high.

PRECIOUS METALS

Gold swung between gains and losses as investors weighed
the prospects for more stimulus measures from central banks
against a stronger dollar curbing demand for bullion as an
alternative investment.

Gold for immediate delivery was little changed at $1,685.54
an ounce by 9:32 a.m. in London after rising and falling as much
as 0.2 percent. Gold for February delivery fell 0.2 percent to
$1,686 an ounce on the Comex in New York.

GRAINS, OILSEEDS, SOFT COMMODITIES

Wheat rebounded from a six-month low on concern that dry
weather in the U.S. will curb production from the world’s
biggest exporter. Soybeans fell to a six-week low amid a
forecast for record supply from Brazil.

Wheat for March delivery climbed as much as 0.8 percent to
$7.6125 a bushel on the Chicago Board of Trade and was at
$7.5925 at 2:46 p.m. in Singapore. Prices slumped to $7.525
yesterday, the lowest for a most-active contract since June 29,
on concern that overseas demand is slowing for U.S. supplies.

Soybeans for March delivery dropped as much as 0.5 percent
to $13.85 a bushel, the lowest for a most-active contract since
Nov. 20, and traded at $13.86. Production in Brazil may reach a
record 83 million tons in the year from Feb. 1, boosting
exports, according to the U.S. Department of Agriculture.

Corn for March delivery was little changed at $6.9175 a
bushel.

Palm oil declined on concern that an advance to the highest
level in two months yesterday may further reduce demand, which
usually decreases during winter.